Annual report pursuant to Section 13 and 15(d)

DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)

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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING ACTIVITIES (Tables)
 12 Months Ended
Dec. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Outstanding Derivatives on Individual Contract Basis
The following table presents the fair value of outstanding derivatives on an individual contract basis:
   Fair Value of Derivatives with Unrealized Gains Fair Value of Derivatives with Unrealized Losses
(In thousands) December 2023 December 2022 December 2023 December 2022
Derivatives designated as hedging instruments:
Foreign currency exchange contracts $ 16,490  $ 15,565  $ (5,098) $ (2,307)
Interest rate swap agreements 3,253  11,357  —  — 
Derivatives not designated as hedging instruments:
Foreign currency exchange contracts 14  —  (23) — 
Total derivatives $ 19,757  $ 26,922  $ (5,121) $ (2,307)
Fair Value of Derivative Assets and Liabilities in Balance Sheet
The following table presents a reconciliation of gross to net amounts for derivative asset and liability balances:
December 2023 December 2022
(In thousands) Derivative Asset Derivative Liability Derivative Asset Derivative Liability
Gross amounts presented in the balance sheet $ 19,757  $ (5,121) $ 26,922  $ (2,307)
Gross amounts not offset in the balance sheet (894) 894  (1,629) 1,629 
Net amounts $ 18,863  $ (4,227) $ 25,293  $ (678)
Derivatives Classified as Current or Noncurrent Based on Maturity Dates
The following table presents the location of derivatives in the Company's balance sheets, with current or noncurrent classification based on maturity dates:
(In thousands) December 2023 December 2022
Prepaid expenses and other current assets $ 18,319  $ 14,183 
Accrued liabilities (4,009) (1,218)
Other assets 1,438  12,739 
Other liabilities (1,112) (1,089)
Effects of Cash Flow Hedging Included in Consolidated Statements of Income and Consolidated Statements of Comprehensive Income
The following tables present the pre-tax effects of cash flow hedges included in the Company's statements of operations and statements of comprehensive income:
Gain (Loss) on Derivatives Recognized in AOCL
(In thousands)
Year Ended December
Cash Flow Hedging Relationships 2023 2022 2021
Foreign currency exchange contracts $ 22,590  $ 23,480  $ 6,900 
Interest rate swap agreements 1,829  17,148  4,238 
Total $ 24,419  $ 40,628  $ 11,138 
Gain (Loss) Reclassified from AOCL into Income
(In thousands)
Year Ended December
Location of Gain (Loss) 2023 2022 2021
Net revenues $ (219) $ (1,093) $ 204 
Cost of goods sold 23,588  13,531  (2,271)
Other expense, net 527  245  (749)
Interest expense 9,933  (261) (6,019)
Total $ 33,829  $ 12,422  $ (8,835)
Derivatives Included in Consolidated Statements of Income
The following table presents a summary of the gain (loss) for derivative contracts not designated as hedges included in the Company's statements of operations:
Gain (Loss) on Derivatives Recognized in Income
(In thousands)
Year Ended December
Derivatives Not Designated as Hedges Location of Gain (Loss) on Derivatives Recognized in Income 2023 2022 2021
Foreign currency exchange contracts Net revenues $ —  $ —  $ (104)
Cost of goods sold (226) 91  7 
Other expense, net —  —  385 
Total $ (226) $ 91  $ 288